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Secret of Time Frames in Trading Systems
Trading Systems are built on technical analysis consisting of charts, indicators, oscillators, price patterns, etc. Like music, technical analysis is a universal language. Traders can apply technical analysis to any instrument in any market, such as Google shares on the NASDAQ or the Japanese yen on the Foreign Exchange (forex).
A typical chart consists of many bars; each bar represents the open, high, low close of any particular period. A bar on a weekly chart represents prices for a particular week, while a bar on a daily chart represents prices on a particular day.
Most traders only analyze charts on a single period, usually a daily basis. This is not enough; markets are too complex to be analyzed in just one period. Each time frame is related to its next high and low time frames.
The secret to a time frame in a trading system is to have at least two but no more than three to make a decision on any trade. This system Dr. It’s called the Triple Screen Trading System introduced by Alexander Elder in his book Trading For A Living.
For day traders, they can choose the hourly chart as their favorite trading period. Then immediately switch to the daily chart as a higher order time frame to analyze the trend before making a long or short decision. Traders can use any trend following indicator to identify the trend at higher order time. Once the trend is identified, return to your favorite hourly chart to find where to enter, exit, take profit and stop loss. Traders can go down to analyze the chart on a lower time frame to find a trailing stop.
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